A Practical Guide On How To Start A Profitable Spice Farming Business In Nigeria
Let us spice it up. Who doesn’t use spice? I think it will be hard to imagine who does that in this dispensation. Besides, it doesn’t necessarily mean that you will have to use the processed spice. The truth is that there is a huge opportunity in the spice production sector and this is why you can start a profitable spice farming business in Nigeria.
Fortunately, the industry is relatively untapped. The implication is that you have a rare opportunity to make money in a sector that is filled with potentials.
The spices market in Nigeria is quite huge and it even expands beyond the shores of the country. As of 2012, some African nations exported and made $700 million dollars in yearly revenue from spices. Ethiopia is a perfect example.
When you look at the list of spices that we have in Nigeria, you will understand the importance of having to start a profitable spice farming business in Nigeria.
I have received a lot of questions on spices actually from the users of entrepreneurn.com. Most of their questions revolve around key issues on spices; how to start a spice shop, the spice market in Nigeria, how to start a spice business, how to start a spice business in Nigeria, how to write a spice shop business plan etc.
Today, we are going to look into most of these issues. We want to look at how to start a profitable spice farming business.
Hold on a second!
The opportunities in the business should come first. You should know what you are signing up for. Let me motivate you first.
Business Opportunities In Spice Farming Around Nigeria And The World
This is the major business opportunity opened to those who would want to start a profitable spice farming business. It is all about the growing of spices on farmlands. It can be said to be the basic and most fundamental aspect of the business.
While some people are into manufacturing, others can start trading. The truth is that you can manufacture and still sell at various scales (wholesale and retail). On the other hand, you can just be involved in the trading alone if you cannot go through the farming process. You can just get access to farmers so that you can buy from them at a wholesale scale and resell to individuals and companies in need of it and you can also export the product,
Spice processing and branding
If you don’t cultivate the product and you don’t trade the product, you can use the product. You can become part of the processing industry. All you need to do is to buy the product and process it. After that, you will brand it and you are up for business.
Guide On How To Start A Profitable Spice Farming Business In Nigeria
Research the product
If you don’t know the product, you won’t be able to do much about it. When you want to start a profitable spice farming business, you should strive to know all there is to know about it. You need to find out the best climate and weather for planting, the location it does well, the capital outlay, the marketing potentials etc.
Once you are done with your market survey, it is expected of you to put up a business plan. It makes the whole process easy and clear. You will need a business to convince any bank to give you a loan, get investors and handle all the aspects of the business.
Pick the spice crop you intend to cultivate
The truth of the matter is that there are many types of spices. Picking the type you want to grow is very important. The type you will choose will determine how successful the venture will turn out to be. When choosing the spice, you will need to ask yourself certain questions to enable you to to make the right decisions.
Some of the questions are:
- Is the crop resistant to pests and diseases?
- Can I get a large demand for this spice?
- Are there risks for growing this spice?
- How and where will this spice be sold?
- What is the volume to grow first?
If you answer these questions satisfactorily, you can go on to start this business.
Select a suitable farmland
One key factor to consider when you want to start a profitable spice farming business is the farmland. Fortunately, the crop does not demand a very rich soil though that will be added incentive. What you need to do bother about include access to sunlight, topography, demography, and availability of water.
Every spice crops have the best type of soil or conditions in which it can grow so you need to choose the best farmland that’s suitable for the spices you have decided to grow.
Apply fertilizer and start planting
Before you plant, it is expected of you to handle the preparation of land. You will need to clear the land, till the land and apply fertilizer. After that, you can start planting the crops. Before you plant, soak your seeds for 24 hours to increase the chances of germination.
Irrigate and re-fertilize
If you don’t have access to water, you have to make provisions for irrigation. You will need to water the soil at least once a day to maintain the soil moisture and to keep the soil healthy. Remember, you don’t just fertilize once, you also re-fertilize when the crops begin to grow.
When the crops are due for harvest after a couple of weeks or months, you are expected to harvest them and store them where they will be safe. It is from the storage place that you will supply your contacts.
Market your products
This is a very crucial aspect to consider when you want to start a profitable spice farming business in Nigeria. If you don’t sell, you don’t make profits. What am I even saying? You don’t make money at all. Therefore, you must strive to put up a marketing plan and a marketing team.